What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-03 compared with 2025-08-04 · 61 added, 59 removed, 364 unchanged (25% of the section changed)

4 unchanged sentences

(Amounts in thousands, except share and per share amounts)

ASSETS June 30, 2025 December 31, 2024

ASSETS September 30, 2025 December 31, 2024

Real estate, at cost:

45 unchanged sentences

(Amounts in thousands, except share and per share amounts)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2025 2024 2025 2024

16 unchanged sentences

(Amounts in thousands)

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

Net income $ 5,968 $ 6,678 $ 24,400 $ 31,167

Other comprehensive loss:

Other comprehensive income (loss):

Change in fair value of interest rate derivatives 23 ( 5,408 ) ( 4,013 ) ( 9,308 )

10 unchanged sentences

Shares Amount

For the Three Months Ended June 30, 2025

Balance, March 31, 2025

For the Three Months Ended September 30, 2025

Balance, June 30, 2025

5,173 $ 5,173 $ 35,159 $ 105,632 $ ( 149 ) $ ( 368 ) $ 145,447

2 unchanged sentences

— — — ( 23,112 ) — — ( 23,112 )

Change in fair value of interest rate derivatives — — — — ( 1,055 ) — ( 1,055 )

Deferred stock unit grants — — 394 — — — 394

Balance, June 30, 2025

Change in fair value of interest rate derivative — — — — 23 — 23

Balance, September 30, 2025

5,173 $ 5,173 $ 35,159 $ 88,488 $ ( 126 ) $ ( 368 ) $ 128,326

For the Three Months Ended June 30, 2024

Balance, March 31, 2024 5,173 $ 5,173 $ 34,315 $ 175,357 $ 15,661 $ ( 368 ) $ 230,138

For the Three Months Ended September 30, 2024

Balance, June 30, 2024 5,173 $ 5,173 $ 34,765 $ 160,649 $ 12,301 $ ( 368 ) $ 212,520

Net income — — — 6,678 — — 6,678

2 unchanged sentences

Change in fair value of interest rate derivatives — — — — ( 5,408 ) — ( 5,408 )

Deferred stock unit grants — — 450 — — — 450

Balance, June 30, 2024 5,173 $ 5,173 $ 34,765 $ 160,649 $ 12,301 $ ( 368 ) $ 212,520

Balance, September 30, 2024 5,173 $ 5,173 $ 34,765 $ 144,226 $ 6,893 $ ( 368 ) $ 190,689

Capital Retained

3 unchanged sentences

Shares Amount

For the Six Months Ended June 30, 2025

For the Nine Months Ended September 30, 2025

Balance, December 31, 2024 5,173 $ 5,173 $ 34,765 $ 133,402 $ 3,887 $ ( 368 ) $ 176,859

4 unchanged sentences

Deferred stock unit grants — — 394 — — — 394

Balance, June 30, 2025 5,173 $ 5,173 $ 35,159 $ 105,632 $ ( 149 ) $ ( 368 ) $ 145,447

For the Six Months Ended June 30, 2024

Balance, September 30, 2025 5,173 $ 5,173 $ 35,159 $ 88,488 $ ( 126 ) $ ( 368 ) $ 128,326

For the Nine Months Ended September 30, 2024

Balance, December 31, 2023 5,173 $ 5,173 $ 34,315 $ 182,336 $ 16,201 $ ( 368 ) $ 237,657

4 unchanged sentences

Deferred stock unit grants — — 450 — — — 450

Balance, June 30, 2024 5,173 $ 5,173 $ 34,765 $ 160,649 $ 12,301 $ ( 368 ) $ 212,520

Balance, September 30, 2024 5,173 $ 5,173 $ 34,765 $ 144,226 $ 6,893 $ ( 368 ) $ 190,689

See notes to consolidated financial statements (unaudited).

3 unchanged sentences

(Amounts in thousands)

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES 2025 2024

17 unchanged sentences

Proceeds from interest rate cap — 6,563

Net cash (used in) provided by investing activities ( 14,633 ) 381

Net cash used in investing activities ( 18,986 ) ( 3,273 )

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid ( 69,314 ) ( 69,277 )

Debt repayment ( 1,983 ) ( 10,000 )

Debt repayments ( 3,189 ) ( 500,000 )

Proceeds from borrowing — 400,000

Debt issuance costs ( 109 ) ( 6,547 )

34 unchanged sentences

Actual results could differ from those estimates.

The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results for the full year.

The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year.

Recently Issued Accounting Literature

3 unchanged sentences

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

We have evaluated the impact of this standard and do not expect it to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

8 unchanged sentences

Revenue Recognition

The following is a summary of revenue sources for the three and six months ended June 30, 2025 and 2024.

For the Three Months Ended June 30, For the Six Months Ended June 30,

The following is a summary of revenue sources for the three and nine months ended September 30, 2025 and 2024.

For the Three Months Ended September 30, For the Nine Months Ended September 30,

(Amounts in thousands) 2025 2024 2025 2024

3 unchanged sentences

Rental revenues $ 53,424 $ 55,675 $ 159,928 $ 170,464

The components of lease revenues for the three and six months ended June 30, 2025 and 2024 are as follows:

For the Three Months Ended June 30, For the Six Months Ended June 30,

The components of lease revenues for the three and nine months ended September 30, 2025 and 2024 are as follows:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

(Amounts in thousands) 2025 2024 2025 2024

3 unchanged sentences

Bloomberg L.P.

(“Bloomberg”) accounted for revenue of $ 64,446,000 and $ 60,946,000 for the six months ended June 30, 2025 and 2024, respectively, representing approximately 61 % and 53 % of our rental revenues in each period, respectively.

(“Bloomberg”) accounted for revenue of $ 96,655,000 and $ 93,179,000 for the nine months ended September 30, 2025 and 2024, respectively, representing approximately 60 % and 55 % of our rental revenues in each period, respectively.

No other tenant accounted for more than 10% of our rental revenues.

14 unchanged sentences

Related Party Transactions

As of June 30, 2025, Vornado owned 32.4 % of our outstanding common stock.

As of September 30, 2025, Vornado owned 32.4 % of our outstanding common stock.

We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

10 unchanged sentences

The following is a summary of fees earned by Vornado under the various agreements discussed above.

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

(Amounts in thousands) 2025 2024 2025 2024

4 unchanged sentences

$ 2,302 $ 2,580 $ 7,493 $ 12,510

As of June 30, 2025 , the amounts due to Vornado were $ 547,000 for management, property management, cleaning, engineering and security fees, $ 242,000 for leasing fees and $ 207,000 for development fees.

As of September 30, 2025 , the amounts due to Vornado were $ 182,000 for development fees, $ 182,000 for leasing fees and $ 135,000 for management, property management, cleaning, engineering and security fees.

As of December 31, 2024, the amounts due to Vornado were $ 642,000 for management, property management, cleaning, engineering and security fees, $ 346,000 for development fees and $ 171,000 for leasing fees.

3 unchanged sentences

Mortgages Payable

The following is a summary of our outstanding mortgages payable as of June 30, 2025 and December 31, 2024.

The following is a summary of our outstanding mortgages payable as of September 30, 2025 and December 31, 2024.

We may refinance our maturing debt as it comes due or choose to pay it down.

Interest Rate at June 30, 2025

(Amounts in thousands) Maturity June 30, 2025 December 31, 2024

Interest Rate as of September 30, 2025

Balance as of

(Amounts in thousands) Maturity September 30, 2025 December 31, 2024

First mortgages secured by:

11 unchanged sentences

$ 987,100 $ 988,019

(1) Interest rate listed represents the rate in effect as of June 30, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2) Interest at SOFR plus 1.51 % which was swapped to a fixed rate of 1.76 % through May 2025.

(1) Interest rate listed represents the rate in effect as of September 30, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2) Interest at SOFR plus 1.51 %.

(3) Interest at SOFR plus 1.45 % (SOFR is capped at a rate of 4.15 % thr ough December 2025).

The $ 300,000,000 mortgage loan on the retail condominium of our 731 Lexington Avenue property was scheduled to mature on August 5, 2025.

The $ 300,000,000 non-recourse mortgage loan on the retail condominium of our 731 Lexington Avenue property was scheduled to mature on August 5, 2025.

On August 1, 2025, we entered into a 60-day extension with the lenders.

The interest-only, non-recourse loan continues to bear interest at SOFR plus 1.51 % ( 5.83 % as of June 30, 2025) through the extended maturity date of October 3, 2025.

The Company did not repay the loan on the extended maturity date of October 3, 2025.

The Company is in discussions with the lenders regarding a potential loan restructuring.

Stock-Based Compensation

5 unchanged sentences

The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors or until a later date selected by the grantee.

As of June 30, 2025, there were 28,666 DSUs outstanding and 477,121 shares were available for future grant under the Plan.

As of September 30, 2025, there were 28,666 DSUs outstanding and 477,121 shares were available for future grant under the Plan.

Fair Value Measurements

11 unchanged sentences

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of June 30, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy.

There were no financial liabilities measured at fair value as of June 30, 2025.

As of June 30, 2025

Financial assets measured at fair value on our consolidated balance sheet as of September 30, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy.

There were no financial liabilities measured at fair value as of September 30, 2025.

As of September 30, 2025

(Amounts in thousands) Total Level 1 Level 2 Level 3

7 unchanged sentences

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income.

The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of June 30, 2025 and December 31, 2024, respectively.

Fair Value as of As of June 30, 2025

(Amounts in thousands) June 30, 2025 December 31, 2024 Notional Amount Swapped Rate Expiration Date

The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of September 30, 2025 and December 31, 2024, respectively.

Fair Value as of As of September 30, 2025

(Amounts in thousands) September 30, 2025 December 31, 2024 Notional Amount Swapped Rate Expiration Date

Interest rate swap related to:

8 unchanged sentences

The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2.

The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 As of December 31, 2024

The table below summarizes the carrying amount and fair value of these financial instruments as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025 As of December 31, 2024

(Amounts in thousands) Carrying

7 unchanged sentences

Commitments and Contingencies

We maintain general liability insurance with limits of $ 300,000,000 per occurrence and per property, of which the first $ 30,000,000 includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $ 1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

We maintain general liability insurance with limits of $ 300,000,000 per occurrence and per property, which includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $ 1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027.

15 unchanged sentences

Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible.

There were no potentially dilutive securities outstanding during the three and six months ended June 30, 2025 and 2024.

For the Three Months Ended June 30, For the Six Months

Ended June 30,

There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2025 and 2024.

For the Three Months Ended September 30, For the Nine Months

Ended September 30,

(Amounts in thousands, except share and per share amounts)

12 unchanged sentences

Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions.

Below is a summary of financial information for the three and six months ended June 30, 2025 and 2024.

For the Three Months Ended June 30, For the Six Months

Ended June 30,

Below is a summary of financial information for the three and nine months ended September 30, 2025 and 2024.

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

(Amounts in thousands) 2025 2024 2025 2024

6 unchanged sentences

(1) Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the three and six months ended June 30, 2025 and 2024.

For the Three Months Ended June 30, For the Six Months

Ended June 30,

Below is a reconciliation of NOI to net income for the three and nine months ended September 30, 2025 and 2024.

For the Three Months Ended September 30, For the Nine Months

Ended September 30,

(Amounts in thousands) 2025 2024 2025 2024

9 unchanged sentences

We have reviewed the accompanying consolidated balance sheet of Alexander’s, Inc.

and subsidiaries (the “Company”) as of June 30, 2025, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and six-month periods ended June 30, 2025 and 2024, and of cash flows for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the “interim financial information”).

and subsidiaries (the “Company”) as of September 30, 2025, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and nine-month periods ended September 30, 2025 and 2024, and of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the “interim financial information”).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

12 unchanged sentences

New York, New York

August 4, 2025

November 3, 2025

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements